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The Joe Biden administration has let the SEC go unchecked, Tether (CRYPTO: USDT) co-founder William Quigley on Friday said, has he expressed strong concerns about the current regulatory approach to cryptocurrency industry.
In an interview with Benzinga, Quigley highlighted the SEC’s aggressive stance towards crypto companies, particularly under the leadership of Chairman Gary Gensler.
“Under Gensler, the SEC has not been friendly to crypto,” he stated, pointing to the numerous lawsuits filed against major crypto companies like Coinbase (NASDAQ:COIN) and Ripple (CRYPTO: XRP).
Political And Regulatory Environment
Quigley criticized the Biden administration for allowing regulators to go unchecked.
“Biden, I don’t think he’s been an enemy of crypto, but he has let the regulators kind of go unchecked,” he said.
He expressed hope that a change in the U.S. presidency could positively impact the crypto industry.
“I’ve heard recent positive statements from Trump about crypto,” he noted, suggesting that a Trump presidency might result in less aggressive regulatory actions.
“It’s probably the case that another chairman of the SEC would be appointed if Trump were to win. And I guess that could be good,” he speculated.
Future Market Predictions
Looking ahead, Quigley projected that Bitcoin (CRYPTO: BTC) could reach up to five times its halving price, estimating potential highs around $300,000 in 2025 before another significant pullback.
He based this on historical patterns, noting previous multipliers of 50, 20, and 10 times the halving price.
Quigley provided a detailed analysis of Bitcoin’s historical price patterns and potential future movements.
“In the first halving, it went up about 50 times. In the second halving, it went up about 20 times. In the third halving, it went up about ten times. So roughly its multiple is being reduced by half each time,” he noted.
This trend suggests a potential increase of four to six times the current price in the next cycle.
Also Read: Shopify Merchants Can Now Embrace Crypto Payments With Helio Integration
Cautious Optimism
Quigley remains cautiously optimistic about Bitcoin’s future, acknowledging the potential for both significant gains and volatility. “If we see a break from the historical patterns, we should pay very close attention to it,” he advised.
“In Q4 2024, if Bitcoin is still between $60,000 and $70,000, we have to accept that we’ve broken from historical patterns.”
Quigley also touched on the broader implications for the cryptocurrency market, noting that Bitcoin’s movements often influence other tokens.
“If Bitcoin starts going up a lot in Q4 2024, it will likely pull up other tokens with it, which is historically what’s happened,” he said.
Origins And Evolution Of WAX Blockchain
Quigley's journey into the blockchain industry began with his extensive experience in trading virtual items in video games, an industry worth $50 billion globally.
“We wanted to put these virtual items on a blockchain, but there was no way to do that,” Quigley, who is also the founder of WAX blockchain, said.
This necessity led to the creation of WAX Blockchain, designed to facilitate the tokenization and trading of virtual items efficiently and cost-effectively.
Building A Blockchain For Virtual Items
The WAX Blockchain, as Quigley described, was born from necessity.
“We needed a blockchain that could handle the high volume of transactions for trading video game items,” he said. The team leveraged delegated proof of stake, invented by Dan Larimer, to create a blockchain capable of processing tens of millions of transactions daily.
This technology quickly positioned WAX as a leader in the NFT market, launching NFTs for companies like Topps, Hasbro, and Mattel.
For those keen to delve deeper into these trends and predictions, Quigley’s insights will be further explored at Benzinga’s Future of Digital Assets event, where industry leaders will discuss the rapidly changing landscape of digital assets and what lies ahead for investors and innovators alike.
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Photo: William Quigley
